Your company plans to borrow $12 million for 12 months, and your banker gives you a stated rate of 22 percent interest Calculate the effective rate of interest for the following types of loans. a. Simple 22 percent interest with a compensating balance of 16 percent. (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.) Answer is complete but not entirely correct. Effective rate of interest 19 32 % b. Discounted interest (with no compensating balance) (Input your answer as percent rounded to 2 decimal places.) Answer is complete but not entirely correct. 20.48 Effective rate of interest c. An installment loan (12 payments). (Input your answer as a percent rounded to 2 decimal places.) Answer is complete but not entirely correct. 0 31 x Effective rate of interest Next P 8 of 30 b. Discounted interest (with no compensating balance) (input your answer os percent rounded to 2 decimal places) Answer is complete but not entirely correct. Effective rate of interest 2048 c. An installment loan (12 payments). (Input your answer as a percent rounded to 2 decimal places.) Answer is complete but not entirely correct. Effective rate of interest 0.31 d. Discounted Interest with a compensating balance of 8 percent. (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.) Answer is complete but not entirely correct. Effective rate of interest 7.40